Oscar Health announces expansion plans for 2024 and stock pops 6%

Oscar Health Inc. (OSCR) said Thursday it plans to expand into 165 new markets in 13 states in 2024, through its individual and family health insurance plans. The New York-based company said the expansion will bring it to 18 states and 512 counties, growing its presence in Arizona, Florida, Georgia, Illinois, Iowa, Kansas, Missouri, North Carolina, Ohio, Oklahoma, Tennessee, Texas, and Virginia. "The expansion will improve access to care in underserved and rural markets through Oscar's consumer-focused technology platform," the company said in a statement. Oscar is also planning to launch a new plan called Breathe Easy targeting patients with COPD and asthma; an improved diabetes care plan; and a Spanish-first program called HolaOscar. The stock jumped 6% premarket and has gained 108% in the year to date, while the S&P 500 has gained 14%.

-Ciara Linnane

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10-12-23 0710ET

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